Alt Mobility, an electric vehicle (EV) leasing and lifecycle management platform, has raised $6 million in a funding round co-led by notable investors Shell Ventures, Eurazeo, EV2 Ventures, and Twynam.
The funding round also saw participation from UC Inclusive, Piper Serica, Pitchright, and LetsVenture, combining equity and venture debt.
Dev Arora, CEO, Alt Mobility said, "With their faith in Alt Mobility, investors across four continents are confident in the growth of the EV ecosystem in India and our integrated approach of electrifying commercial fleets. The investors joining our board recognize the immense growth opportunity in the EV sector in India and will bring in their global and India experience in achieving our mission."
Expanding operations and innovations
According to the company's statement, the raised capital will be used to enhance the engineering team to expand its EV asset management platform, FleetOS.
Additionally, the startup is set to launch new verticals for fleets, including a Drive-to-Own model, Parametric Insurance, Fleet Depots for parking and charging, and a Battery Refurbishment Unit.
What does Alt Mobility do?
Founded in 2021 by Dev Arora, Anuj Gupta, Manas Arora, Harsh Goyal, and Jayant Gupta, Alt Mobility is a full stack Electric Fleet Leasing platform that enables the transition of urban logistics fleets to electric mobility through leasing.
Alt's Fleet Lease solution combines leasing with insurance, roadside service, maintenance, charging & parking hubs for complete lifecycle management of electric fleets. The startup started leasing electric vehicles in April 2022 and has scaled to an AUM of $12 million (Rs 100 cr) comprising leased e2W, e3W, e4W and chargers.
Alt Mobility aims to expand its presence to over 20 cities, with a goal to manage assets worth $100 million in the next two years. By 2025, the startup aims to offset 400,000 MT of lifetime CO2 emissions with its fleet.
Christine Vincent, Venture Principal at Shell Ventures, said, "Today, one of the main barriers for fleets to transition to EVs is the lack of affordable financing options. Alt's model caters to this gap and helps business owners accelerate their electrification journey. We are excited to work with Alt Mobility towards a more sustainable mobility future for India."
Jonathan Green, Investment Director at Twynam Earth Fund said, "The team at Alt have delivered on lower cost operating leases, removing friction from the transition to electric for operators. Their tenacity has been clear from day one and we at Twynam are excited to support their journey toward decarbonising India's massive fleet of vehicles."